IT solutions provider Orient Technologies has announced a price band of ₹195-206 per share for its upcoming IPO. The subscription for the IPO will be open from August 21 to August 23.
IPO Details
Orient Technologies aims to raise ₹215 crore through this public offering. This includes a fresh equity issue worth ₹120 crore and an Offer for Sale (OFS) of 46 lakh shares. Promoters Ajay Baliram Sawant, Umesh Navnital Shah, Ujwal Arvind Mhatre, and Jayes Manharlal will sell part of their shares in the OFS.
Investor Allocation
- 50% of the IPO is reserved for Qualified Institutional Buyers (QIBs).
- 35% is set aside for retail investors, and
- 15% is for non-institutional investors.
Use of Funds
The funds raised from the fresh issue will be used for:
- Capital expenditures.
- Purchasing office premises in Navi Mumbai.
- General corporate purposes.
Business Overview
Over the years, Orient Technologies has built a strong reputation for developing IT solutions across various sectors. The company focuses on IT infrastructure, IT-enabled services (IteS), and cloud and data management services.
The company collaborates with tech giants like Dell, Fortinet, and Nutanix to offer customised solutions for its clients. Orient’s IT Infrastructure segment is the company’s longest-running and biggest revenue generator, growing at an impressive CAGR of 58.60% between FY21 and FY23.
Financial Performance
In FY24, Orient Technologies’ revenue grew 12% year-on-year, reaching ₹603 crore, while its net profit increased to ₹41.4 crore.
Elara Capital is the sole book-running lead manager for the IPO, and Link Intime India is the registrar.
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